9 Apr 2014
NZD/USD bursts through 0.87 key resistance
FXStreet (Bali) - NZD/USD is building up on recent gains, setting a new high for the week at 0.8690, and just a whisker away from late March/early April highs at 0.8695/0.8700.
The latest rise in the Australian Dollar, fueled once again by better-than-expected domestic data (upbeat home loans/westpac consumer sentiment), saw the Kiwi track its gains amid persistent broad-based US Dollar weakness.
Technically, Jim Langlands, Founder at FXCharts, notes: "A continuation of the move higher could again test 0.8700 and possibly higher, although ahead of the FOMC minutes I doubt it will make such a move. On the downside, 0.8640 is the first minor Fibo support, ahead of 0.8615 and 0.8600. I suspect that we are in for a day of 0.8650/0.8700; buying dips appears to be the plan."
The latest rise in the Australian Dollar, fueled once again by better-than-expected domestic data (upbeat home loans/westpac consumer sentiment), saw the Kiwi track its gains amid persistent broad-based US Dollar weakness.
Technically, Jim Langlands, Founder at FXCharts, notes: "A continuation of the move higher could again test 0.8700 and possibly higher, although ahead of the FOMC minutes I doubt it will make such a move. On the downside, 0.8640 is the first minor Fibo support, ahead of 0.8615 and 0.8600. I suspect that we are in for a day of 0.8650/0.8700; buying dips appears to be the plan."